Is this a bear market bounce, or are we able to confidently say we are through the worst? Trading on Thursday and Friday on the major indices suggested the former and we could see equity markets start to hand back gains, albeit a full retest of the March trough would not be the base case until and unless we see a significant worsening of lockdown restrictions, perhaps as a result secondary and tertiary outbreaks; or there is persistent drag on the economy that is so far unacknowledged - listen in to this week's Investment Hour podcast for more on this. Upside risks are obvious – good news from drug makers on vaccines/treatments and economies swiftly reopening in the coming weeks.
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